• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 48 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 6 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 6 hours Marine based energy generation
  • 1 hour China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 9 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 19 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 10 mins Apple to Bypass Internet and Beam Directly to Phones
  • 6 hours Which producers will shut in first?
  • 16 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Coronavirus Could Lead To Mass Layoffs In Oil And Gas

Coronavirus Could Lead To Mass Layoffs In Oil And Gas

Covid-19 is not only impacting…

North Sea Oil Faces Crisis

North Sea Oil Faces Crisis

North Sea oil has a…

This Nation Could Soon See Its First Offshore Oil

Senegal

Woodside Petroleum, operator of the Sangomar block offshore Senegal, has submitted the development plan for what would be the West African country’s first offshore oilfield, paving the way for a final investment decision on the project.  

Woodside Petroleum submitted the plan and the request for exploitation authorization of Sangomar, formerly SNE, to the Government of Senegal on Monday, the Australian firm said in a statement on Tuesday.

Phase one of the development plan targets oil resources estimated at 230 million barrels, with first oil guidance set for early 2023, Woodside Petroleum said. The concept chosen for Phase 1 is a standalone floating production storage and offloading (FPSO) facility with 23 subsea wells and supporting subsea infrastructure, expected to have total capacity of around 100,000 bpd.

Woodside continues to target a final investment decision (FID) for 2019, but the decision could be complicated by a dispute between Woodside, operator and holder of 35 percent in Sangomar, and minority shareholder Far Limited, which has a 15-percent interest in the development.

Far Limited also announced on Tuesday the filing of the plan and request for exploitation authorization, saying that the field will be developed in a series of phases with plans for 645 million barrels of oil equivalent, of which 485 million barrels are of oil, to be developed.

Related: 

“Developing this world class oil field in Senegal, the largest global hydrocarbon discovery in 2014, has the potential to transform FAR from explorer to material producer and become one of the largest ASX-listed oil producers in early 2023,” Far said in a statement.

The dispute between joint venture partners Far and Woodside could be resolved as soon as the end of December, according to Reuters, which could potentially make the FID among partners less complicated.

Far, which discovered the field in 2014, contends that it was denied a pre-emptive right to buy a 35-percent stake in it from ConocoPhillips. Far and Woodside have taken the dispute to international arbitration and a ruling is expected by December 28. According to analysts who spoke to Reuters, the resolution of this dispute would help clear the picture as to how much each of the partners will have to spend on the project, which is expected to cost US$4.2 billion.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News